Green Pips In The Nikkei – Trading Levels

Albeit belatedly, the Japanese stock market index Nikkei gained some movement and our forex trading signal closed at take the profit level of $18500. The exciting part is that the Nikkei plunged right after placing the high exactly at $18500.

The geopolitical tensions around the world are placing pressure on the global equities markets. Despite this, we entered a buying entry based purely off technical analysis.

Nikkei – Hourly Chart

Trading Levels

Support Resistance

S1: 18318.39 R1: 18610

S2: 18268.60 R2: 18529.39

S3: 18188 R3: 18480

Forex Trading Signal

In the hourly chart the Nikkei broke out of a descending triangle which was extending resistance at $18400. Besides this, the RSI was holding above 50 along with the 50 periods EMA which was providing support near $18350. Thus, we recommended a Forex Trading Signal to buy Nikkei index with a take profit of $18500.

About the author

Arslan Butt
// Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst.
Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D.
Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.

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